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Demutualised firms in &#39social lepers&#39 claim

Demutualised building societies are being accused of creating “social lepers” by academic experts.


Newcastle University&#39s Richard Willis is claiming former building societies close nearly three times as many branches than they open, particularly in deprived areas.


Willis says: “Building societies seem to have a social conscience. They are much closer to their communities and can survive on lower profits because they don&#39t have shareholders.


Research suggests most of the branch closures are centred on poorer inner-city and rural areas and many of these people don&#39t have access to a car or public transport. They will become social lepers.”




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